Between November 2024 and last October, 14,418 homes sold for $1 million or more—the most ever recorded in the Lone Star State, according to a report Wednesday from Texas Realtors.
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Luxury-home sales collectively totaled $24.5 billion, also a record. The average price per square foot of $1 million-plus homes, meanwhile, increased to $423 from $418 during the prior 12 months and was more than double the $188 average price per square foot of all Texas homes.
“High-end homes continue to be a small but mighty segment of the market,” Jennifer Wauhob, chairman of Texas Realtors, said in the report. “Texans remain confident in the value of these properties, whether they are drawn to outstanding amenities, prime locations or both.”
Just 4.3% of all homes sold in Texas during the 12-month period were priced at $1 million or more, but they accounted for 17.2% of the state-wide dollar sales volume—an increase from 15.7% the previous year.
The vast majority of high-end home sales—almost 90% of them—transacted in the state’s four largest metro areas; Dallas, Houston, Austin and San Antonio. All four logged increases in their $1 million-plus home sales of at least 10%, with Houston seeing the largest jump with 18% more luxury sales than the prior year.
But it was the Dallas metro area that boasted the largest share of million-dollar deals, accounting for 38% of those high-end transactions worth a combined $9.7 billion.
Houston ranked second, home to 27% of such deals. Austin had the third-highest percentage of $1 million-plus sales with 19%, followed by San Antonio at 5%. The rest of the state accounted for the remaining 11% of deals.